Category Archives: Africa Money Transfers

MTNMMO, Mobile Money Transfer To Africa

By Mohammed Waseem

MFS Africa, an organization that connects money transfer operators, remittance hubs and banks to mobile wallet schemes across Africa operates a money transfer service that enables senders to send money to various African nations. Currently, the supported destination countries are Benin, Ivory Coast, Liberia and Rwanda. They have plans to include more countries soon. The service is called MTNMMO.

The money transferred is instantly delivered to the recipient’s MTN Mobile Money account. This means that the recipient needs to have an MTN connection in order to be able to receive funds. Senders can start sending money by following three steps, which are registration, transfer and payment. In order to use the service, senders need to submit proof of identification in order to comply with anti-money laundering regulations.

MTNMMOHowever, senders can instantly make one transfer without registering; and this transaction is limited to a transfer amount of 100 EUR/CAD/USD/GBP. Once verified, senders can avail all the benefits including higher limits.

Users can register here and upload the relevant documents after making the first transfer. They need to do this only once. To send money later on, senders need to click on ‘New Transfer’ and select the recipient or enter their details anew, and then enter the transfer amount and the payment method before confirming all the details.

After having confirmed the details, senders are redirected to their bank to pay by a bank card. Once the payment is complete, the money is immediately transferred to the recipient’s MTN Mobile Money account. Sender gets a confirmation message with the details and a reference number and the transaction is added to the account history.

At present, only debit cards from Visa, Mastercard and Maestro are supported and no credit cards can be used to pay for the transfer. Recipient can cash out the funds at any MTN Mobile Money agent in the destination country. Transfers to Liberia are free of charge, but transfers to Benin, Ivory Coast and Rwanda are charged a flat fee of 4 GBP from the UK, 5 EUR from the Euro Zone, 6 CAD from Canada and 6 USD from USA.

Send Money To Ghana With Ping Money

By Mohammed Waseem

We know what ping means when we talk about personal messaging, but what if we use it while talking about money transfer? Yes, there is a money transfer service called Ping Money, which enables money transfer to Ghana.

Ping Money is a fast, secure, reliable and convenient money transfer service, which allows customers to transfer money from across the globe to Ghana. They presently operate in the UK and have plans to expand to the US, Canada, Netherlands, Germany, France and other EU countries. Users can send money from anywhere in the world, as long as they have a Ping Money account, as all transfers happen online.

Ping Money, Transfers to GhanaMoney transfer to Ghana is not easy; there are regulation problems which prevent direct transfers to Ghana. Only a few leading services such as Western Union and few known banks provide the service, but their charges are high. For example, Western Union charges 13.90 GBP for sending 300 GBP, while, Ping Money charges 3.95 GBP for the same amount.

In order to send money, users need to register with Ping Money, enter the transaction amount and confirm the transaction. Once the transaction is complete, the recipient can access the money immediately. Ping Money offers 4 different ways to send money. Users can send money from e-wallets, from their bank accounts, through credit cards and through Sofort.

Recipients can receive the money either in their mobile wallets, on their prepaid cards, into their bank accounts or over the counter. The e-wallet service they offer is primarily meant for transferring money to Ghana; it is similar to a bank account, users can save money and send it after they have enough money in the wallet. Funds can be secured in e-wallets through debit cards, bank accounts and Sofort. If the users send money to 2 or a maximum of 3 beneficiaries in one transaction, they can avail a discount on transfer fees.

In addition to this, Ping Money also offers mobile top-up to any mobile network in Ghana and prepaid card service. They have made it easier for Ghanaians to send money back home at a low cost, amidst other services which comparatively charge much higher. And they make the money available immediately, just like a ping.

New online money transfer service to Rwanda

MTN Rwanda and MFS Africa today announced the launch of an online money transfer service that enables MTN Mobile Money customers to receive international remittances directly on their mobile phones.

MTN is a global communications company and cellular provider, focused on the Africa and the Middle East.

MFS Africa (Mobile Financial Services Africa)  connects money transfer operators, remittance hubs and banks to mobile wallet schemes across Africa. They also run web-based money transfer services on a white label basis.

MTNMMO international money transfer service

The website for the new online money transfer service is MTNMMO.COM.

Rwanda has large populations living overseas. Millions are in other African nations, and many more are in Europe and the United States. In fact, the Rwandan government even has a ministry (the Diaspora General Directorate) dedicated to serving the needs of the Rwandan diaspora.

Naturally, these millions of Rwandan emigrants need an easy way to send money home to their families in Rwanda.

With this new service, senders from outside Rwanda can now register on the website MTNMMO.COM and send funds from their debit card or bank transfer via the internet to Rwanda by simply entering a beneficiary’s mobile phone number. Funds are delivered immediately to the beneficiary’s Mobile Money account in Rwanda.

Mobile Money has already been offering this money transfer service within Rwanda itself. Now the service has been extended to senders overseas.

“Making the connection to MTNMMO.COM to enable international remittances together with MFS Africa was high priority for us to better serve our customers, understanding their need to use their Mobile Money accounts to receive money from abroad,” said Albert Kinuma, head of MTN Business. “We will continue to add new services to MTN Mobile Money, and grow our agent network, now standing at over 700 agents across Rwanda. With MFS Africa as a partner, we look forward to introducing additional products to Mobile Money in the near future.”

Auke Algera, the General Manager East Africa at MFS Africa said MTNMMO.COM is the first product being launched in Rwanda by the company. “The service extends the benefits of Mobile Money to the Rwandan Diaspora,” he explained. “We established ourselves in Rwanda because we are committed to deploying a range of innovative financial products for mobile money providers in the region.”

Question from a Reader: MoneyGram to Ghana, Africa

Question:

Barney L. McDaniel wrote:
I need to know the cost for money gram to Ghana West Africa.

Answer:

Barney, it depends on where you are sending from, and how much you are sending. You can use the MoneyGram Cost Estimator to get a precise number.

For example, I asked it how much it would cost to send $500 U.S. to Ghana, and I got this:

Exchange Rate 1 USD = 1.689551 GHS
Send Amount
490.01 USD
Receive Amount
827.90 GHS
Fee*
9.99 USD
Total Cost

500.00 USD

As you can see, MoneyGram’s fee is $9.99, which is taken out of the amount you are sending. If you need for your recipient to get $500, then you will want to add a little extra to pay the money transfer fee.

Online Banking Comes to Ethiopia

Berhan International Bank SC has hired the accounting and auditing firm of Ernst & Young (E&Y) to undertake an IT security audit, which will enable the Bank to launch Internet banking.

Berhan International Bank – BIB for short – is a relatively young private bank in Ethiopia. The bank opened its first branch around Bole International Airport in October 2009, and now has twelve branches in various Ethiopian cities.

Berhan Bank started operation in October 2009, with all of its branches interconnected through its centralised, online, real-time, electronic (CORE) banking system.

A busy street in Addis Ababa, Ethiopia.
A busy street in Addis Ababa, Ethiopia.

Berhan’s CORE banking system was primed for Internet banking from the beginning, according to Solomon Mammo, the Bank’s director of information systems, who mentioned that the training of 10 employees and a trial implementation of the Internet banking service had already been completed, with the help of trainers from Neptune.

This UK-based company, established in 1999, is the one that provided Berhan with its CORE banking software, Rubikon.

“Once we ensure that our networks are secure, we will immediately start Internet banking services,” Mammo said.

This technology will allow clients to view their loan and bank statements online. Clients will also be able to transfer money from one account to another in any branch of the Bank, a service called book transfer, that is also available at Zemen Bank. United Bank, the only other bank with Internet banking, has still not introduced this service.

Internet banking in Ethiopia, including that to be introduced by Berhan Bank, is still at a rudimentary level, according to Solomon Desta, director of banking supervision at NBE.

“Online banking, in its proper form involves online purchases and other e-commerce activities that involve money transfer through the Internet from one bank to another,” he said. “It has a lot of security and capacity implications.”

The SWIFT code for Berhan International is BERHETAAXXX.